May 15, 2018

Disclaimer

• This document has been prepared by Iliad S.A. (the "Company”) and is being furnished to you solely for your

information and personal use.

• This presentation includes only summary information and does not purport to be comprehensive.

• The information contained in this presentation has not been subject to independent verification.

No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on,

the fairness, accuracy, completeness or correctness of the information or opinions contained herein.

• None of Iliad S.A., its affiliates or its advisors, nor any representatives of such persons, shall have any liability

whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its contents or

otherwise arising in connection with this document or any other information or material discussed.

• This presentation contains forward-looking statements relating to the business, financial performance and results

of Iliad S.A. These statements are based on current beliefs, expectations or assumptions and involve unknown risks

and uncertainties that could cause actual results, performance or events to differ materially from those described

in such statements. Factors that could cause such differences in actual results, performance or events include

changes in demand and technology, as well as the ability of Iliad S.A. to effectively implement its strategy.

• Any forward-looking statements contained in this presentation speak only as of the date of this presentation. Iliad

S.A. expressly disclaims any obligation or undertaking to update or revise any forward-looking statements

contained in this presentation to reflect any change in events, conditions, assumptions or circumstances on which

any such statements are based unless so required by applicable law

2

Leveraging Unique Assets

3

Free: A Unique Operator with an Excellent Image in the French Market

• Free: An excellent operator with strong brand awareness and recognition(1)

4

(1) Source: UFC Que Choisir(2) Source: IFOP’s survey April 2018

• Free: A brand with top-level recommendation rates(2)

9 out of 10 broadband

subscribers

recommend Free

95% of mobile

subscribers

recommend Free

Satisfaction Survey

Free: The Leading Alternative Operator for Broadband

• Leading alternative operator with 6.5m broadband subscribers

• FTTH rollouts reaching industrial scale

• Almost 7m connectible sockets

• A total base of nearly 650,000 FTTH subscribers as of end-March 2018

• A constant improvement in FTTH net adds

5

Number of Free FTTH net adds (‘000 subscribers)

50

64

73

90

Q2 2017 Q3 2017 Q4 2017 Q1 2018

26 Mbps

39 Mbps 41 Mbps

30 Mbps

Free: The Leading 4G Alternative Operator

• A state-of-the-art 4G network

• Backhauling: Almost systematic use of fiber to backhaul sites – Over 90% of the sites in urban areas are fiber-connected

• 88% 4G population coverage

• Delivering a best-in-class subscriber experience

6

4G download & upload average speeds(1)

(1) nPerf survey of mobile internet connections in Metropolitan France – Q1 2018

Average 4G download speed(1)

Freebox Révolution: Still a Top-class Box 7 Years after Launch

7

• Best box according to Capital’s(1) 2017 Best Brands ranking

• TV by Canal Panorama adding 50 channels, 100 live channels and 8,000 items of on-demand content

• Convergence, with discounts on Free Mobile plans

• Quality of customer care (technical assistance within 10 hours)

• Design by Philippe Starck

(1) Source: Capital November 2017

But Q1 2018 KPIs were Lower than Expected

8

• Broadband’s operational KPIs lower than expected

• A highly competitive market, with numerous promotions

• A slight 19k decline in the broadband subscriber base in Q1 2018

• ARPU contracted to below €33

• Good wireless recruitments with 130,000 additional subscribers, and a further improvement in

the mix – but less net adds than a year ago

• Group revenues up by only 0.8% to €1.2bn

• Broadband revenues down 1.6%, due to:

• Negative impact of the higher VAT rate on TV bundles

• Dilutive effect of promotions on ARPU

• Decline in the subscriber base

It’s Time to Think out of the Box!

A New Governance Structure to Meet the Group’s New Challenges

10

Chairman of the

Board of Directors

Maxime

Lombardini

Founder &

CSO

Xavier Niel

These appointments will be effective as of 21st May 2018

Board

of

Directors

Corporate

Secretary

Cyril Poidatz

A new Governance structure:

• Maintaining Xavier Niel’s full commitment as:

• Main shareholder with 52% of the share capital

• Vice-Chairman of the board and Chief Strategic Officer

CEO

Thomas

Reynaud

A New Governance Structure to Meet the Group’s New Challenges

11

CTO

Rani Assaf

Head of IT

Antoine

Levavasseur

CFO

Nicolas Jaeger

Marketing

Director

Camille Perrin

HR

Director

Aude Mercier

Deputy Corporate

Secretary

Shahrzad

Sharvan

CEO

Thomas

Reynaud

New Appointments

CSO

Xavier Niel

Head of

Customer Care

Angélique

Gérard

Purchasing

Director

Patrick

Fouqueriere

A well-balanced new management team:

• Full commitment of Xavier Niel

• Appointment of a new CEO

• Offering a solid mix between the Group’s founders: Rani Assaf and Antoine Levavasseur and new blood

with 5 new appointments

• Bringing new talents and competencies

These appointments will be effective as of 21st May 2018

Implementation of a New Sales & Marketing Approach

A New Sales & Marketing Approach

• Implementation of a loyalty and retention policy

• Loyalty: Proactive management of promotion period endings

• Retention: Setting up outbound campaigns to address the needs of potential churners

• A whole new approach to promotions: moving from aggressive flash sales offers (Ventes privées) to

a broader step-by-step tiering approach

• A further increase in migrations to NGN offers

• Mobile: Boost migration from €2 to unlimited 4G plan

• FTTH: Keep accelerating FTTH recruitments

• Launches of new commercial plans to fuel recruitments and increase ARPU

• Differentiation through innovation, with the launch of new boxes

13

Initiatives Already Taken Delivering Results

14

Before After

New Boxes are Coming!

• Innovation has always been a key pillar of our growth:

• Invention of the 1st triple-play box (Freebox)

• Launch of IPTV

• Launch of the Freebox Révolution

• The Freebox is still a key differentiator from our competitors

• But it’s now time to enter in the next Freebox generation:

• To bring subscribers the box of the future

• To further enhance the subscriber experience

• A high-end positioning leading to higher price levels

15

Growth Profile Expected to Bounce Back in the Next 12 Months

Launch of

Freebox Revolution

Launch of

Free Mobile offers

Iliad has Already Shown in the Past its Unique Ability to Re-Accelerate Growth

17

Iliad revenue growth rates between 2008 and 2017

Doubling Iliad’s Addressable Market in the Coming Years

18Sources: ARCEP & AGCOM

50

6473

90

111

145

164

130

Q2 2017 Q3 2017 Q4 2017 Q1 2018

Positioning Iliad as the Leading Alternative FTTH Operator

• A consistent increase in FTTH penetration(1) – focus onthe first areas deployed

• Almost 7m connectible sockets:

• Average current penetration rate(1) of less than 10%

• 16% penetration rate(1) in early-deployed areas (ex: Parisarea)

• Potential to migrate almost 1m additional subscribers onthat footprint

• “FTTH Only” in fully-deployed areas: new subscribers can only sign up for FTTH – ADSL isn’t an option anymore

19(1) Penetration rate = Total FTTH subscribers / connectible sockets

Number of FTTH net adds (subscribers)

FTTH Driving Market Share Gains

• Pursuing the FTTH trajectory with ambitious goals:

• To reach 1m FTTH subscribers by early 2019

• To add c.500k new FTTH subscribers per year as from 2019

• To achieve the targets of 9m connectible sockets by end-2018 and 20m by end-2022

• FTTH moving to more rural areas: Rollout in co-financing areas (incl. PINs) is moving fast – Opening

of new areas currently only partially addressed by Free – Should drive market share gains

(1) ZTD: Densely-populated areas / ZMD: co-financing areas / RIP: co-financing areas + public subsidies 20

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Free’s market

share

ZTD(1) ZMD(1) RIP(1)

7m

sockets

14m socketsRest of

France

Systematic joint investment

Sole investment

Strong

potential

Shared investment

1st agreements signed with Axione & Orange

Agreements with other players in the coming months

Tapping New Business Opportunities in France

B2B and untapped market of €7bn that will be addressed in 2020

• Early initiatives in the hosting business delivering encouraging results

• Double-digit revenue growth in 2017

• 2018-2020: Building new capacities and a learning curve for the new hosting business

• A new datacenter will open in the coming months with a total capacity of up to 20 MW

• Pushing cloud computing services: on-demand network access to a shared pool of configurable computing services (Scaleway offering)

• 2020: Adopting a more mass-market approach, leveraging FTTH deployments and 4G mobile coverage

21Source: ARCEP

9.0%

15.0%

H1 2017 Q1 2018

Italy: The New Frontier for Growth

• Iliad has demonstrated a clear ability to be a successful disruptor

• Free Mobile’s launch was the most successful launch of any late entrant, with more than 5% market

share gained in less than 6 months

• Successful launch in French overseas territory (Reunion Island) in July 2017

• The Italy launch is now a matter of weeks away

• Network is up-and-running and delivering solid KPIs

• Distribution network is both leveraging Iliad’s unique skills in online sales and fully adapted to local

constraints and specificities

• Offers and marketing plan are ready

22Source: ARCEP

Market share growth post launch of Free in Reunion Island

Commercial Roadmap & Key Focuses

A Clear Commercial Roadmap for the Coming Months

24

Focusing on Cash Generation in the Coming Years

• Generate consolidated EBITDA margin in France of over 40% by 2020

• Have capital expenditure in France (excluding purchases of frequencies but including the

inventories for the new Freebox) of approximately €1.55bn in 2018

• Achieve EBITDA break-even in Italy with less than 10% market share

• Generate more than €1 billion in EBITDA less Capex in France as from 2020

25

All objectives are confirmed

Focusing on Quality of Execution

• Reinvigorating growth is our top priority!

• A new management team to deploy a new marketing & sales approach

• A clear product and offer roadmap for the coming quarters

• On the verge of entering a €16bn new market

• Enhancing operational management with ambitious goals

• Increase the path of FTTH plugging to

• Reach 1m FTTH subscribers by early 2019

• Add c.500k new FTTH subscribers per year as from 2019

• Wireless

• Increasing migration from the €2 to the unlimited 4G plan

• Adding more than 2,000 new sites per year to reach a nationwide network of approximately

20,000 sites, on a par with competitors

26

Q&A